DayFarrell

USDJPY EXPECTATION 250+ PIPS

FX:USDJPY   U.S. Dollar/Japanese Yen
THIS IS A FOLLOW UP ON MY PREVIOUS POST. THIS IS MY PROJECTION FOR THIS PAIR FOR THE REST OF THE WEEK. IN MY FIRST POST I FAILED TO MENTION THE STRONG SUPPORT THAT EXIST AT 108.64 WHICH CAN CAUSE A SHORT REVERSAL BACK UP TO OPENING PRICE. KNOWING THIS CAN BE BENEFICIAL IN MANY WAYS. 1. IF YOU ARE ALREADY IN AN OPEN POSITION AND FEAR YOUR PROJECTION OF PRICE WAS WRONG, IT CAN HELP KEEP YOUR FINGERS OFF THE CLOSE POSITION BUTTON. 2. IF YOU ARE WILLING TO RISK IT, YOU CAN PLACE YOUR LIMIT AT THIS PRICE 108.64 AND A BUY IMMEDIATELY BELOW, AND PLACE LIMIT AND SELL AT 108.84 WITH YOUR LAST TARGET AT THE END OF THE CHANNEL. 3. IT GIVES YOU ANOTHER REASON TO EXPECT PRICE TO EVENTUALLY BREAK THIS SUPPORT AFTER. THE PERSISTENCE OF PRICE TRYING TO BREAK THROUGH THIS SUPPORT AND FAILED GIVE A GREATER PROBABILITY AFTER EACH FAILED ATTEMPT THAT IT WILL EVENTUALLY BREAK THROUGH. THE REASON I PROJECT PRICE WILL BREAK THROUGH IS A COLLABORATION OF SIGNALS. A. ELLIOTT WAVE , PRICE HAS TO FORM THE THIRD AND FINAL WAVE (OR WAVE NO5) B. AFTER THE FINAL WAVE IS FORMED PRICE USUALLY BREAK THROUGH CHANNEL (UPPER CHANNEL BOUNDARY IN THIS CASE). C. CONFLUENCE. WHICH ALSO PROJECT A RETRASAL BEFORE BREAKING THROUGH PRICE, AND D. THE HEAD AND SHOULDER THAT HAS DEVELOPED WHICH IS CURRENTLY FORMING THE LAST SHOULDER BUT THE CHANNEL SLOPE MUST BE TAKEN INTO PERSPECTIVE.
BEING AWARE OF ALL THESE THINGS PUTS YOU AT THE HEART OF PRICE ACTION. PICTURE THIS PAIR AS A VENN DIAGRAM, AND ALL THE PERSONS THAT ARE TRADING AND WATCHING SUPPORT AND RESISTANCE ARE (A), ALL THE PERSONS FOR ELLIOTT WAVE ARE (B), THOSE FOR CONFLUENCE ARE (C), AND THOSE FOR THE BULLISH FLAG ARE (D) CANDLESTICKS ON HIGHER TIME FRAME (E), AND FUNDAMENTALS (F). (I DIDN'T MENTION INDICATORS WHICH ARE ALSO IMPORTANT BUT IT'S AN EXAMPLE) NOW THE FACT THAT YOU ARE CONSIDERING ALL THESE FACTORS WITHIN YOUR TRADE PLAN IT PUTS YOU AS UNION WITHIN THIS VENN DIAGRAM. BEING IN THIS POSITION IS WHAT GIVES A PERSON A HIGH PROBABILITY STATUS WITHIN A TRADE.
AT THE END OF THE DAY, YOU CAN BE IN THIS POSITION AND STILL GET IT WRONG, BUT IF YOU DO IT 10 TIMES, 8/10 OF THE TIME YOU WOULD BE RIGHT.
DayFarrell
2 years ago
snapshot
AN ALTERNATIVE VIEW THAT PROJECTS 5 WAVE DOWNWARDS BETTER
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Sam0101
2 years ago
I think the correction is over. The rise is awaiting
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DayFarrell
2 years ago
this did not go as i was expecting, but like all failures, they promote knowledge. last night i was studying this pair for a reason why the price decided to proceed that far upward, and what i found had me thinking. i was thinking whether to be selfless and share it with others, or whether to be selfish and milk it for riches. i'm currently still back testing it, but it accounted for the move upward and the big move we are currently getting downwards, i will post a new chart with my expectation for this pair using this strategy and we'll see how it plays out.
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Sam0101 DayFarrell
2 years ago
so do u still think downside there is more room for downside correction?
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DayFarrell Sam0101
2 years ago
not much room for the downside, i'm projecting two possible reversal points 1st at 108.48 and second at 108.28 before any large downward reversal. but for now i'm taking it a wave at a time. the projections are just telling me when to get ready to pull out of a trade if already in one. currently, if the price pulls back to 108.85 and beyond then count this as the reversal and look for further move downwards. if the price fails to make this reversal expect a move down to 102.28, and then look for a reversal. anyway we look at it, we will have some further gains downwards.
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Sam0101 DayFarrell
2 years ago
I'm short and sell at 108.6. What you mean is if price bigger than 108.85 = bearish?
if price goes to 102.28 = bullish? Is that what you mean?
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DayFarrell Sam0101
2 years ago
sorry man not 102, i meant 108.28
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Sam0101 DayFarrell
2 years ago
Basically. What you mean is if price bigger than 108.85 = bearish?
if price goes to 108.28 = bullish? Is that what you mean? Right?
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DayFarrell Sam0101
2 years ago
both prices have bearish sentiment, the only difference is how much lower price will go, currently we have achieved our pull back, so we are looking for a target lower than 108.23, BUT! it remains our target until we get further projections.
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Sam0101 DayFarrell
2 years ago
can u update us a new chart? I need to look at it seriously. Thanks
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DayFarrell Sam0101
2 years ago
ok i'll see what i can do quickly.
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DayFarrell Sam0101
2 years ago
but that was a bad spot to enter into a trade, the move at that point was almost over, but luckily, we are now getting our upward reversal, so price will proceed further down after the reversal, but at 108.6, not much pips to gain, are you short term or long term trader?
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Sam0101 DayFarrell
2 years ago
short term. Spot to 108?
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